Calling The Time “Person Of The Year”: Jackass
by ilene - December 16th, 2009 12:10 pm
Calling The Time "Person Of The Year": Jackass
Courtesy of Karl Denninger at The Market Ticker
Why? Because Bernanke’s actions have singularly done more damage to the American economy – and America – than anyone in the history of this nation. He clearly eclipses Nixon in his dissembling, while making a mockery of the free market.
Just like those other infamous persons pictured above he has acted in the belief that he can do so without consequence on the world stage.
This notion is not easily disabused, but in the end it always proves false.
Today’s lesson in falsity is the announcement, long rumored, by the Gulf States that they will be forming a common currency, breaking the formal and informal dollar pegs that have controlled the price of oil and kept the petro-dollar recycling mill operating, allowing The United States to force our inflationary policies down the Arabs’ throats.
“The Gulf monetary union pact has come into effect,” said Kuwait’s finance minister, Mustafa al-Shamali, speaking at a Gulf Co-operation Council (GCC) summit in Kuwait.
The move will give the hyper-rich club of oil exporters a petro-currency of their own, greatly increasing their influence in the global exchange and capital markets and potentially displacing the US dollar as the pricing currency for oil contracts. Between them they amount to regional superpower with a GDP of $1.2 trillion (£739bn), some 40pc of the world’s proven oil reserves, and financial clout equal to that of China.
Potentially displacing my tailfeathers. That displacement is now assured.
Oh, and it doesn’t stop with just money either:
The GCC also agreed to create a joint military strike force – akin to the EU’s rapid reaction force – to tackle threats such as the incursion of Yemeni Shiite rebels into Saudi territory earlier this year.
They nevertheless repeated on Tuesday that “any military